【摩根大通】亚洲科技展望

AsiaPacificEquityResearch

June2026

ThismaterialisneitherintendedtobedistributedtoMainlandChinainvestorsnortoprovidesecuritiesinvestmentconsultancyserviceswithintheterritoryofMainlandChina.Thismaterialoranyportionhereofmaynotbereprinted,soldorredistributedwithoutthewrittenconsentofJ.P.Morgan.

AsiaTechnologyOutlook

1.Techcycleanddynamicsupdate:Memory/HBM/TCB/MLCC/AAPLSC

2.Korearelativevalueinvestmentthesisandideaupdate

JayKwonAC

+8227585725

jay.h.kwon@

J.P.MorganSecurities(FarEast)Limited,SeoulBranch

SangsikLee

+8227585146

sangsik.lee@

J.P.MorganSecurities(FarEast)Limited,SeoulBranch

JeongsukWoo

+8227585146

jeongsuk.woo@

J.P.MorganSecurities(FarEast)Limited,SeoulBranch

Seetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.

InvestmentSummary

ValuationandFinancialmetricscomparison

Source:BloombergFinanceL.P.,Companydata,J.P.Morganestimates.PricesasofJune4th,2026.

nInvestorpositioning&feedback:Fundamentallybullishbutrisingconcernsonsustainabilityofcycle(mismatchbetweenCSPearnings/spendingvs.

semi/hardwareearnings).MemorycontinuestobecorelongthesisinKorea(momentumandlong-termsetupbothfavorable).Continuetofocuson

shortagethesisacrossfoodchain–MLCC/Substrate.Edgedevicedemandtepid(excl.Apple)andconservativestanceonCEsectorunchanged.SemirelatedRVinterestveryhigh.

nMemory:Tokeneconomics,strongerAIcomputationdemand,andheaviermemoryintensityserverarchitecturedrivefive-yearup-cycle.CPUstrengthisadditionaldemandtailwind.DurabilityofearningsiscriticalpointandwewaitforLTAupdateamidstmultiplere-rate.WFEspendinggrowingbutsupply

increaseishealthysignaltodebottlenecktheshortage.HBMpricingupsideriskhighintonextyear.EquallypositiveonNAND(eSSDTAMexpansion).SEC,SKHynix,KioxiaallOWvs.NYT(N)vs.HanmiSemi(UW).

nAIHardware:MLCCbenefitsfromAIproliferation(fromserver)and

continuedEVtraction,ASPtailwindlikely.AllsegmentABFsubstrateseeingstrongerdemandandpricing.MLBdemandalsoverystrong.Stockrisk-

rewardisdifferent(AIexposureiskeytoourstockview).WehaveOWonSEMCOandISUPetasysvs.Leeno(N)andSKC(UW)

nCyclicalHardware:ImprovingiPhoneEMSbuildinthenear-termpositivetoLGIT(OW)andLGD(N),butrisingBOMcostpressurecouldweighon26Emargin.TVmarginheadwindatLGE(N).

nRelativeValue:LittlecatalystsintheNTpostthirdcommercialcodeevent.SCT(OW)atoppickondividendincomeupside+SEC/SamsungBioassetvalue.SKInc(OW)whileweareNeutralonLGCorp

Tech–SemiandHardwarevaluationscomparison

Enddemandoutlook

Enddemandestimates,bymajorapplication

AIisthefundamentalcontentdriverbeyondMemoryconsumption

HBMcontentbasedontokens(AIinference,ChatGPT4,float16)

GB

2304

QuadrupleHBMcontentgrowthper2xinputtokensizeincrease

576

144

936

2500

2000

1500

1000

500

0

5121024204840968192

Source:OpenAI,OMDIA.

HBMcontentbasedonmodelsize(AIInference,float16)

GB

16.5

11

5.5

3B6B9B12B15B

LinearHBMcontentgrowthper#ofparameterincrease

27.5

22

30

25

20

15

10

5

0

Source:OpenAI,OMDIA.

WhatisdrivingmoreHBMcontentgrowth?AnalyzingfromTokenincreasedfactors

AIisthefundamentalcontentdriverbeyondMemoryconsumption

nNewusecasesunlocked:Longdocuments,codebases,multi-turnchats

nLessneedforretrieval(RAG):Allcontextin-memory=simpler,faster,moreaccurate

nPerceivedintelligenceboost:Longermemory=smarterAI(evenwithoutbiggermodels)

nEnterprise-readycapabilities:Supportslegal,finance,andhigh-valueapplications

nInfranowallowsit:Efficientattention+moreGPU/HBM=feasibleatscale

AImodel–contextwindowcomparison

Source:OpenAI,OMDIA.

*Note:Contextwindow=Thelimitonhowmanytokens(piecesoftext)themodelcanconsideratoncetounderstandandgenerateresponses

TokencountvsSelf-Attention**MemoryUsage(FP16)

Source:OpenAI,OMDIA.

*Note:Self-Attention:AmechanismthatallowstheAImodeltofocusonrelevantwordsinasentenceregardlessortheirposition,tobetterunderstandmeaning

0-1.GlobalMemoryTAMexpectedtoreach$1.3trn/$1.7trnin27E/28E

Rebasedasof1/1/2014US$bn-RHS

Aggregatemarketcapvsmemorymarketrevenue(1Qahead)

,

Source:WSTS,OMDIA,BloombergFinanceL.P.,J.P.Morganestimates.Note:MarketcapincludesSEC,SKHynix,Micron,NanyaTechnology,Kioxia,andSNDK.

MemoryTAMvs.peakmktcap/memoryOPanalysis

US$bn,peakmktcap/TAM(x)

Source:BloombergFinanceL.P.,WSTS,Companydata,J.P.Morganestimates.Note:onlyconsideredSEC,SKH,andMUmarketcap.

US$bkkt/TAM()

MemoryTAMvs.peakmktcap/TAManalysis

n,peamcapx

Source:BloombergFinanceL.P.,WSTS,Companydata,J.P.Morganestimates.Note:onlyconsideredSEC,SKH,andMUmarketcap.

MemoryTAMvs.MemoryOPM

US$bn,peakmktcap/TAM(x)

Source:BloombergFinanceL.P.,WSTS,Companydata,J.P.Morganestimates.Note:onlyconsideredSEC,SKH,andMUmarketcap.

0-2.Memorykeysharepricedrivers

Memorypeers–FTMP/Bcomparison

FTMP/B(x)

Source:BloombergFinanceL.P.

SKHmarketcapvsDRAMrevenuecomparison(1Qahead)

Rebasedasof1/1/2014,US$bn-RHS

SEC/SKH/Micronmarketcapvs.DRAMrevenuecomparison(1Q.ahead)

Rebasedasof1/1/2014,US$bn-RHS

Source:Companydata,BloombergFinanceL.P,J.P.Morganestimates.

SECmarketcapvsDRAMrevenuecomparison(1Qahead)

Rebasedasof1/1/2014,US$bn-RHS

Source:Companydata,BloombergFinanceL.P.,J.P.Morganestimates.Note:2Q26onwardsSource:Companydata,BloombergFinanceL.P.,J.P.Morganestimates.Note:2Q26onwardsare

areJ.P.Morganestimates.J.P.Morganestimates.

1.Memorytoreach~50%shareinCSPcapexin26E

CSPcapexandAImemory%share

US$bn,%-RHS

Source:Companydata,BloombergFinanceL.P.,J.P.Morganestimates

OPMcomparisonacrossAIecosystempartners

%

Source:Companydata,J.P.Morganestimates,BloombergFinanceL.P.*note:MemoryOPMincludesbothDRAMandNAND.

MarketcapchangesacrossAIecosystempartners(US$bn,%)

Source:BloombergFinanceL.P.,Note:1)Top4CSPincludesGOOG/MSFT/AMZN/META;;2)AIsemiincludesNVDA/AMD/AVGO/MRVL;3)FoundryincludesTSMC;4)Memoryincludes

2-1.CPUfuelshigherforlongermemoryupcycle;Raiseserverdemandby20%+in27E+

Serverbitdemandforecastchanges

8Gbequiv.Mn,%-RHS

Source:J.P.Morganestimates.

AIstandaloneCPUdemandand%contributiontoserver/DRAMTAM

%

Source:J.P.Morganestimates.

AIserverbitdemandcontributionchanges

%

Source:J.P.Morganestimates.

ServerCPUunitTAM

UnitinK

Source:Gartner®

2-2.NarrowingGPUtoCPUratio

GPUtoCPUassumptionforAIheadnodedemand

AverageDRAMcapacityperCPU

UnitinK,GBGB

Source:J.P.Morganestimates.

Source:J.P.Morganestimates.

GPUtoCPUassumption

x

..g.

Source:JPMoranestimates

3.MemoryinAI

AImemoryY/Ytrend

US$bn,%-RHS

Source:CompanyreportsandJ.P.Morganestimates.

AIvaluewithintotalDRAM&NANDTAM

%

Source:CompanyreportsandJ.P.Morganestimates.

AIDRAMandNANDrevenuetrend

CAGR(%)

Source:CompanyreportsandJ.P.Morganestimates.

AIvolumewithtotalDRAM&NANDTAM

%

Source:CompanyreportsandJ.P.Morganestimates.

4.DRAMsnapshot:4yearsup-cyclecontinues;focusonlongevityovermomentum

DRAM–S/Dglut,snapshotgraphics,andHBMrevenue/capacity

DRAMWSPM:2.0mn(26E)

DRAMB/G:+19%/+23%/+22%in25A/26E/27E

DRAMBitdemand:50/68bn(8Gbequivalent)in26E/27E

WafertoHBM(25):351k~19%ofIndustrycapacity

WafertoHBM(26E):475k24%ofindustrycapacity

WafertoHBM(27E):633k28%ofindustrycapacity

DRAMwaferallocationto

traditionalnon-HBMshrinks

everyyear.DRAMWSPM

naturallyshrinkspertech

migration(1a>1b>1c).Unlessnon-HBMstopsgrowing,

DRAMS/Dlikelyremainstightforlongerperiodsoftime

HBMbitdemand:10%/14%/22%throughout25A-27E

GeneralServerDRAM

replacementcyclesupports+89%/+64%y-ybitdemandin26E-27E

VS.

EdgeAIdrivenrestockingcycleandnormalizedinventorydrivingmobile/PCunitdemandin25

AIadoptionremainskeygrowthBipolarizedcontentconsumptionlikelyfornon-AIdevices

5.DRAMASPoutlook;ServertoleadblendedASPhikeinto27E/28E

DRAMIndustryASPtrendbyapplicationsandsuppliers

6.DRAMWSPM:trendingfrom1.8Min25-endto~2.6Mby28-end

DRAMIndustryWSPMtrendbysuppliers

7.NANDsnapshot:cyclicalrebound,capexdiscipline,andeSSDasAIenabler

NANDIndustryS-Dtrend

Source:WSTS,Companydata,J.P.Morganestimates.

Long-termNANDcapitalintensity

%

NANDdemandgrowthY/Ybykeyapplication

%

8.DRAMvs.NANDcomparison

DRAMvs.NANDTAMcomparison

US$bn

Source:WSTS,Companydata,J.P.Morganestimates.

DRAMdemandcontributionbyapplication

%

Source:WSTS,J.P.Morganestimates

DRAMvs.NANDgrowthcomparison

lndustryOPM(%)

Source:Companydata,J.P.Morganestimates

NANDdemandcontributionbyapplication

%

Source::WSTS,J.P.Morganestimates

9.DRAMandNANDcapitalspendingupdate

DRAMindustrycapex

Source:Companydata,J.P.Morganestimates.

NANDindustrycapex

10.Spotpricegrowthdecelerating

DRAMspotandcontractpricetrend

US$/8Gb,%-RHS

Source:BloombergFinanceL.P.

DDRspotpricechangesfrombottomtopeak

US$

Source:BloombergFinanceL.P.DataasofMay29,2026.

NANDspotpricetrend

US$

US$%RHS

Source:BloombergFinanceL.P.

DDR5vs.DDR4RDIMMpricetrend

,-

Source:Companydata.

11-1.HBMS-D:Overallsupplytightnesscontinues

HBMS-Ddynamics

11-2.HBMS-D:3Eentersmoderateoversupplyvs.TightHBM4

HBMS.Dbyproductcategory

Source:Companydata,J.P.Morganestimates.

HBMASPandY/Y%trend

US$/Gb,%-RHS

Source:Companydata,J.P.Morganestimates.

HBMsalesmixbyproductcategory

%

Source:Companydata,J.P.Morganestimates.

12.HBMmaintainsrobustgrowthprofilethroughout2028

Source:Companydata,J.P.Morganestimates.Source:Companydata,J.P.Morganestimates.

HBMbitprocurementdemandprojectionandy-ytrend

UnitinmillionGB

Source:Companydata,J.P.Morganestimates.

HBMbitdemandprojectionandy-ytrend

UnitinmillionGB

CoWoSvs.HBMcubevs.HBMcontentvs.HBMASPy-ycomparison

Y-Ychanges(%),LHSreferstoHBMASPy-ychanges

Source:Companydata,J.P.Morganestimates.

ASICchip,HBMTAMandHBMcontentCAGR

%

13-1.RobustHBMdemand;GrowingASICmix

13-2.ASICunitoutgrowsNVDAGPUinnext12months

14.HBMpeeranalysissummary

HBMpeerquarterlybusinessassumptionandcomparison

Source:Companydata,J.P.Morganestimates.

15.HBMsharediversificationorconsolidation?BinarysharewinfromcustomHBM

Source:Companydata,J.P.Morganestimates.Source:Companydata,J.P.Morganestimates.

SKH–HBMsalesbreakdownbycustomer

Revenuemix(%)

Source:Companydata,J.P.Morganestimates.

NVDA–HBMsuppliersharecomparison

Suppliershare(%)

SEC–HBMsalesbreakdownbycustomer

Revenuemix(%)

Source:Companydata,J.P.Morganestimates.

ASIC–HBMsuppliersharecomparison

%

16.SKHleadershipunchanged,2026orderdiscussioncompleted

Source:BloombergFinanceL.P.,Companydata,J.P.Morganestimates.Source:Companydata,J.P.Morganestimates.

HBMroadmapcomparisonbymajorsuppliers

Source:Companydata,J.P.Morganestimates.

HBMsalescomparisonbysuppliers

US$bn-annual

HBMcapacitycomparisonbysuppliers

TSVcapacity(kwspm)–year-end

17.SKHHBMbusinessassumption

18.SECHBMbusinessassumption

19.CoWoScapacityallocationupdate

CoWoSallocationbreakdown

Kwfpm

Source:Companydata,J.P.Morganestimates.

20.NAND:KVcacheoffloadingandHDDshortagedrivinglong-termeSSDdemandgrowth

eSSDGPservervs.AIserverbitdemandcomparison

Exabtye(EB)

Source:lDC,Gartner®,J.P.Morganestimates.

eSSDLTcontentgrowthtrend

GB,%-RHS

Source:WSTS,J.P.Morganestimates

StoragecontentdifferencebetweenGPvs.AIserver

Terabyte(TB),x-RHS

Source:Gartner®,J.P.Morganestimates.

eSSDLTbitgrowthtrend

1GBmneq,%-RHS

Source:WSTS,J.P.Morganestimates

21.NANDvalue%contributiononrisingtrendduetopricingamidstcontentsgrowthatrisk

NANDcostasa%ofsmartphoneASP

US$,%-RHS%

Source:OMDIA,J.P.Morganestimates.

NBPCcontentsCAGRvs.NANDindustryASPCAGRcomparison

%

Source:IDC,Gartner®,J.P.Morganestimates

NANDcostasa%ofNBASP

US$,%-RHS

Source:IDC,J.P.Morganestimates.

SmartphonecontentsCAGRvs.NANDindustryASPCAGRcomparison

%

Source::IDC,Gartner®,J.P.Morganestimates

22.NANDindustrycapacityandbitproductionmixcomparison

2026ENANDbitproductionmixbylayersbysuppliers

%

Source:OMDIA.

GlobalNANDwafercapacitymixbylocation

%

Source:OMDIA

IndividualNANDwafercapacitybylocation

%

23.ChinaMemoryUpdate

ImpliedCXMTwafercapacitycontributiontoglobalDRAMcapacity

Kwfpm,%-RHS

Source:J.P.Morganestimates.

ImpliedYMTCwafercapacitycontributiontoglobalNANDcapacity

Kwfpm,%-RHS

Source:J.P.Morganestimates.

ImpliedCXMTbitsharetoglobalDRAMsupply

8Gbequiv.,%-RHS

Source:J.P.Morganestimates.

ImpliedYMTCbitsharetoglobalNANDsupply

256Gbequiv.,%-RHS

Source:J.P.Morganestimates.

24.Hanmiearningsmodel–HBMTCBTAM,HanmiM/Sbyplayers

Source:Companydata,J.P.Morganestimates.

25.Hanmi–sharepriceandvaluationanalysis

HanmiP/Evaluationvs.peers’and%differencetrendsince2023

%

Source:BloombergFinanceL.P.,J.P.Morgan

Hanmiandpeers’YTDsharepriceperformance

%

Source:BloombergFinanceL.P.

Hanmiandmajormemorymakers’YTDsharepriceperformance

%

Source:BloombergFinanceL.P.

26.ISU–Businesssnapshot

Source:Companydata,J.P.Morganestimates.Source:Companydata,J.P.Morganestimates.

ISU-Revenuemixbybusinessdivision

%

Source:Companydata,J.P.Morganestimates.

MLBconfigurationbymajorproduct

ISU(standalone)–salesbycustomer

%

Source:Companydata,J.P.Morganestimates.

ISU(standalone)–NetworkandDCOPMtrend

%

27.ISU–capacityexpansionplanandvaluationtable

ISU–capacityexpansionplansandoutlook

UnitinK/sqm^2

Source:Companydata,J.P.Morganestimates.

ISU(standalone)–1yearFWDP/Eband

Won,x

Source:Companydata,BloombergFinanceL.P.,J.P.Morganestimates.

ISU–Peervaluationtable

st

28.lSU–SizingGOOGPCBTAMforTPUandNetworkswitches

Source:Companydata,J.P.Morganestimates.

ISU–SizingGOOGPCBTAMforTPUandnetworkswitch

29.MLCC:Auto,AIserver,Humanoiddriveslong-termgrowth

Source:Companydata,J.P.Morganestimates.

GlobalMLCCdemandprojection

30-1.MLCCindustrykeycharts

Source:Companydata,J.P.Morganestimates.Source:Companydata,J.P.Morganestimates.

MLCCindustryrevenueandy-y

US$M,%-RHS

Source:Companydata,J.P.Morganestimates.

MLCCindustryrevenuevsvolumeCAGRcomparison

%

MLCCindustryvolumeandy-y

Unitinbillions,%-RHS

Source:Companydata,J.P.Morganestimates.

MLCCcontentcomparisonbyapplication

Units

30-2.MLCCindustrycharts

MLCCindustrybottom-uprevenueandy-ytrend

US$bn,%-RHS

Source:Companydata,J.P.Morganestimates.

MLCCIndustryBottom-upWalletShareComparison(Value)

%

MLCCindustrybottom-uprevenuey-ycomparisonforindividualplayers

%

Source:Companydata,J.P.Morganestimates.

MLCCtop5autoMLCCsalesmix(%)andGlobalautoMLCCunitsalesmix(%)comparison

%

30-3.MLCCindustrycharts

Source:Companydata,J.P.Morganestimates.Source:Companydata,J.P.Morganestimates.

MLCCcontentcomparisonbyapplicationfor2025and2030E

Units

Source:Companydata,J.P.Morganestimates.

MLCCplayers’inventorydaysoutstanding

DOl

MLCCindustrybottom-upOPMtrend

%

Source:Companydata,J.P.Morganestimates.

MLCCplayer’sUTRtrend

%

31.UpwardrevisiontoiPhoneEMSbuild

36-1.Relativevalue:KoreaHoldcoNAVandPrefdiscountsummary

KoreaHoldcoNAVandOrdinary/Preferredsharesrelativediscountsummary

Source:BloombergFinanceL.P.,Companydata,J.P.Morganestimates.Note:PricesanddiscountasofJune1st,2026.NC:NotCovered.

36-2.Relativevalue:Historicaldiscounttrendandsnapshot

KoreaHoldcoNAVandOrdinary/Preferredsharesrelativediscounthistoricaltrendandcomparison

Source:BloombergFinanceL.P.,Companydata,J.P.Morgan.Note:PricesasofJune1st,2026.

Companyslides

SamsungElectronics(OW):Earningsmodel

Woninbillions,year-endDecember

Source:Companydata,J.P.Morganestimates.

SKhynix(OW):Earningsmodel

Woninbillions,year-endDecember

Samsungvs.Hynix–DRAMbusinesscomparison

Samsung–DRAMoperationassumptions

SalesWoninbillions,US$,changes/margin(%)

Source:Companydata,J.P.Morganestimates.

SKHynix–DRAMoperationassumptions

SalesWoninbillions,US$,changes/margin(%)

Samsungvs.Hynix–NANDbusinesscomparison

Samsung–NANDoperationassumptions

SalesWoninbillions,US$,changes/margin(%)

Source:Companydata,J.P.Morganestimates.

SKHynix–NANDoperationassumptions

SalesWoninbillions,US$,changes/margin(%)

Source:Companydata,J.P.Morganestimates.

Kioxia(OW):Earningsmodel

Woninbillions,year-endDecember

NYT(N):Earningsmodel

NT$inmillions,year-endDecember

Source:Companydata,J.P.Morganestimates.

HanmiSemi(UW):Earningsmodel

Woninbillions,year-endDecember

Source:Companydata,J.P.Morganestimates.

SEMCO(OW):Earningsmodel

Source:Companydata,J.P.Morganestimates.

Woninbillions,year-endDecember

LGInnotek(OW):Earningsmodel

Source:Companydata,J.P.Morganestimates.

Woninbillions,year-endDecember

ISUPetasys(OW):Earningsmodel

Source:Companydata,J.P.Morganestimates.

Woninbillions,year-endDecember

Leeno(N):Earningsmodel

Woninbillions,year-endDecember

LGD(N):Earningsmodel

Woninbillions,year-endDecember

LGE(N):Earningsmodel

Woninbillions,year-endDecember

Source:Companydata,J.P.Morganestimates.

SamsungSDS(N):Earningsmodel

Woninbillions,year-endDecember

SKC(UW):Earningsmodel

Source:Companydata,J.P.Morganestimates.

Woninbillions,year-endDecember

SamsungC&T(OW):Earningsmodel

Woninbillions,year-endDecember

SKInc(OW):Earningsmodel

Woninbillions,year-endDecember

LGCorp(N):Earningsmodel

Woninbillions,year-endDecember

Source:Companydata,J.P.Morganestimates.

Disclosures

AnalystCertification:TheResearchAnalyst(s)denotedbyan“AC”onthecoverofthisreportcertifies(or,wheremultipleResearchAnalystsareprimarilyresponsibleforthisreport,theResearchAnalystdenotedbyan“AC”onthecoverorwithinthedocumentindividuallycertifies,withrespecttoeachsecurityorissuerthattheResearchAnalystcoversinthisresearch)that:(1)alloftheviewsexpressedinthisreportaccuratelyreflecttheResearchAnalyst’spersonalviewsaboutanyandallofthesubjectsecuritiesorissuers;and(2)nopartofanyoftheResearchAnalyst'scompensationwas,is,orwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedbytheResearch

Analyst(s)inthisreport.ForallKorea-basedResearchAnalystslistedonthefrontcover,ifapplicable,theyalsocertify,asperKOFIArequirements,thattheResearchAnalyst’sanalysiswasmadeingoodfaithandthattheviewsreflecttheResearchAnalyst’sownopinion,withoutundueinfluenceorintervention.

AllauthorsnamedwithinthisreportareResearchAnalystswhoproduceindependentresearchunlessotherwisespecified.InEurope,SectorSpecialists(SalesandTrading)maybeshownonthisreportascontactsbutarenotauthorsofthereportorpartoftheResearchDepartment.

ImportantDisclosures

.MarketMaker/LiquidityProvider:J.P.Morganisamarketmakerand/orliquidityproviderinthefinancialinstrumentsof/relatedtoLGDisplay,SKhynix,LGInnotek,

SamsungElectronics,HanmiSemiconductor,LGCorp,LGElectronics,SamsungC&T,SamsungElectro-Mechanics,SKInc,SKC,KIOXIAHoldings(285A)orrelatedentities.

.ManagerorCo-manager:J.P.Morganactedasmanagerorco-managerinapublicofferingofsecuritiesorfinancialinstruments(assuchtermisdefinedinDirective2014/65/EU)of/forSamsungElectronicsorrelatedentitieswithinthepast12months.

.BeneficialOwnership(1%ormore):J.P.Morganbeneficiallyowns1%ormoreofaclassofcommonequitysecuritiesofLGDisplay,SKhynix,SamsungElectronics,SamsungElectro-Mechanicsorrelatedentities.

.Client:J.P.Morgancurrentlyhas,orhadwithinthepast12months,thefollowingentity(ies)asclients:LGDisplay,SKhynix,LGInnotek,SamsungElectronics,LGCorp,LGElectronics,SamsungC&T,SamsungElectro-Mechanics,SKInc,SKC,KIOXIAHoldings(285A)orrelatedentities.

.Client/InvestmentBanking:J.P.Morgancurrentlyhas,orhadwithinthepast12months,thefollowingentity(ies)asinvestmentbankingclients:SamsungElectronics,LGCorp,SKIncorrelatedentities.

.Client/Non-InvestmentBanking,Securities-Related:J.P.Morgancurrentlyhas,orhadwithinthepast12months,thefollowingentity(ies)asclients,andtheservices

providedwerenon-investment-banking,securities-related:LGDisplay,SKhynix,LGInnotek,SamsungElectronics,LGCorp,LGElectronics,SamsungC&T,SamsungElectro-Mechanics,SKIncorrelatedentities.

.Client/Non-Securities-Related:J.P.Morgancurrentlyhas,orhadwithinthepast12months,thefollowingentity(ies)asclients,andtheservicesprovidedwerenon-securities-related:SKhynix,SamsungElectronics,LGCorp,SamsungC&T,SamsungElectro-Mechanics,SKIncorrelatedentities.

.InvestmentBankingCompensationReceived:J.P.Morganhasreceivedinthepast12monthscompensationforinvestmentbankingservicesfromSamsungElectronics,LGCorp,SKIncorrelatedentities.

.PotentialInvestmentBankingCompensation:J.P.Morganexpectstoreceive,orintendstoseek,compensationforinvestmentbankingservicesinthenextthreemonthsfromLGDisplay,SKhynix,SamsungElectronics,LGCorp,LGElectronics,SamsungC&T,SamsungElectro-Mechanics,SKInc,KIOXIAHoldings(285A)orrelatedentities.

.Non-InvestmentBankingCompensationReceived:J.P.Morganhasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfromLGDisplay,SKhynix,LGInnotek,SamsungElectronics,LGCorp,LGElectronics,SamsungC&T,SamsungElectro-Mechanics,SKIncorrelatedentities.

.DebtPosition:J.P.MorganmayholdapositioninthedebtsecuritiesofLGDisplay,SKhynix,LGInnotek,SamsungElectronics,HanmiSemiconductor,LGCorp,LGElectronics,SamsungC&T,SamsungElectro-Mechanics,SKInc,SKC,KIOXIAHoldings(285A)orrelatedentities,ifany.

.Gartner:AllstatementsinthisreportattributabletoGartnerrepresentJ.P.Morgan’sinterpretationofdata,researchopinionorviewpointspublishedaspartofasyndicatedsubscriptionservicebyGartner,Inc.,andhavenotbeenreviewedbyGartner.EachGartnerpublicationspeaksasofitsoriginalpublicationdate(andnotasofthedateofthispresentationorreport).TheopinionsexpressedinGartnerpublicationsarenotrepresentationsoffactandaresubjecttochangewithoutnotice.

Company-SpecificDisclosures:J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirm

Disclosures

mayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Importantdisclosures,includingpricechartsandcreditopinionhistorytables(ifapplicable),areavailableforcompendiumreportsandallJ.P.Morgan–coveredcompanies,andcertainnon-coveredcompanies,byvisiting

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,calling1-800-477-0406,ore-mailingresearch.disclosure.inquiries@withyourrequest.

ExplanationofEquityResearchRatings,DesignationsandAnalyst(s)CoverageUniverse:

J.P.Morganusesthefollowingratingsystem:Overweight(overthedurationofthepricetargetindicatedinthisreport,weexpectthisstockwilloutperformtheaveragetotalreturnofthestocksintheResearchAnalyst’s,ortheResearchAnalyst’steam’s,coverageuniverse);Neutral(overthedurationofthepricetargetindicatedinthisreport,weexpectthisstockwillperforminlinewiththeaveragetotalreturnofthestocksintheResearchAnalyst’s,ortheResearchAnalyst’steam’s,coverageuniverse);andUnderweight(overthe

durationofthepricetargetindicatedinthisreport,weexpectthisstockwillunderperformtheaveragetotalreturnofthestocksintheResearchAnalyst’s,ortheResearch

Analyst’steam’s,coverageuniverse.NRisNotRated.Inthiscase,J.P.Morganhasremovedtheratingand,ifapplicable,thepricetarget,forthisstockbecauseofeitheralackofasufficientfundamentalbasisorforlegal,regulatoryorpolicyreasons.Thepreviousratingand,ifapplicable,thepricetarget,nolongershouldbereliedupon.AnNRdesignationisnotarecommendationorarating.Somestocksundercoveragehavearatingbutnopricetarget;inthesecases,weexpectthestockwilloutperform/performin

line/underpe